BlackRock and Jio Financial Services will offer low-cost, cutting-edge financial solutions to millions of Indians through a digital-first platform.
JFS’ local market understanding, digital infrastructure skills, and strong execution capabilities will be integrated with BlackRock’s extensive investment management expertise, product quality, technology, and market-related intellectual capital.
This joint venture between BlackRock and Jio Financial Services has the potential to alter the investment environment in India completely. BlackRock and Jio Financial Services are each investing $150 million in the joint venture. Each partner invests $150 million in the joint company.
India presents BlackRock with a significant business opportunity, according to Rachel Lord, Chair and Head of APAC. She pointed out that the market is changing in incredible ways due to the combination of increasing income, favorable demographics, and digital disruption across industries.
JFS President and CEO Hitesh Sethia agreed with Lord and stated that the partnership would make use of JFS’s expertise in technology and BlackRock’s investing experience to accelerate the delivery of products digitally.
According to Sethia, Jio BlackRock will revolutionize the way Indians invest by putting the needs of the client first and utilizing technology to make investment products more widely available.
BlackRock is a financial powerhouse. According to the company’s most recent financial report, net inflows for the entire quarter were $80 billion. This demonstrates the broad-based platform of BlackRock’s sustained strength.
Over the last year, BlackRock’s assets under management (AUM) have grown by $831 billion. Despite a 1% YoY decline in revenue, the company’s average AUM was impacted by market changes more than anything else.